The Orient Express is plotting a comeback as the ultra-rich ditch luxury brands for travel [Video]

There’s an old saying that goes, one person’s loss is another’s gain — and the same can be said for industries.

As luxury brands struggle due to economic instability, declining consumer confidence, and a slowdown in key markets such as China, another luxury sector is thriving: travel.

Brought to a standstill during the COVID-19 pandemic, as demand for luxury brands was nearing an all-time high, luxury travel is on the up and up as wealthy and aspirational consumers prioritize experiences over goods.

“People are going overseas, and much more experiences are open to them,” Amrita Banta, managing director of luxury insights firm Agility Research & Strategy, told Business Insider. Ultra-high-net-worth Chinese consumers have also caught the travel bug, she said, and are increasingly spending in other countries like Singapore, Thailand, and Japan.

The good times are expected to continue as McKinsey & Company analysis estimates that global spending on luxury leisure hospitality will grow …